Babaamaajimowinan (Telling of news in different places)

Big banks should sharply boost capital to protect U.S. economy, Minneapolis Fed says

The nation’s largest banks will need more money to use as a safeguard against a future collapse of the financial system, under a plan to protect the U.S. economy unveiled today by the Minneapolis Fed and its new leader, Neel Kashkari.

The proposal, developed over the past 10 months, also calls for a tax on debt for hedge funds and simpler regulations for community banks.

It would only affect the very largest banks, those with assets exceeding $250 billion — including Minnesota’s banking giants U.S. Bancorp and Wells Fargo & Co. — whose failure or near-failure could weaken the broader economy and force the U.S. government to bail them out at enormous taxpayer expense.

http://www.startribune.com/big-banks-should-sharply-boost-capital-to-protect-u-s-economy-minneapolis-fed-says/401451805/

 

Reader Comments(0)

 
 
Rendered 02/20/2024 01:18